New Jersey Set to Hike Online Gambling Tax to 30%
Kate Marshal
16 April 2024
Comment 0
New Jersey is poised to increase the tax rate on online gambling and sports betting to 30%, following the introduction of a bill (Bill S3064) by Senator John McKeon.
The bill, currently under review by the Senate State Government, Wagering, Tourism & Historic Preservation Committee, is expected to become law on January 1, 2025, if passed.
This move will place New Jersey among states with the highest tax rates for the gambling industry, aligning it with New York (51%), Delaware (50%), and Pennsylvania (34%).
As it stands, the tax rates on online gambling and sports betting in New Jersey are 15% and 13% of gross gaming revenue, respectively.
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